Bitcoin is slowly starting to make headway in Dubai. The Supreme Legislation Committee will discuss the current and future regulation of Bitcoin shortly. This increased focus on cryptocurrency is seen as a positive note, indicating Dubai sees potential in Bitcoin. The Virtual Currency: Fact and Law workshop will take place on November 20.
Whenever regulation and Bitcoin are mentioned in the same breath, there is cause for concern. Over the years, any country or city looking into cryptocurrency regulation has somehow made a mess of things. But that was to be expected, as governments want to nip innovation they can’t control in the bud.
A Welcome Turn of Events For Bitcoin in Dubai
Things are a bit different in Dubai, as there is no specific legal framework for Bitcoin yet. Both the Dubai Electronic Security Center and The Supreme Legislation Committee will host a workshop to discuss the future of cryptocurrency. For now, this appears to be an open-minded point of discussion, which is a positive sign.
Supreme Legislation Committee secretary general Ahmad bin Meshar Al Muhairi stated:
“The move is part of our continuing efforts to build a legal knowledge base in line with our strategic objectives